ACC 3010
	PROJECT 1
	FALL 2018
	This project will be submitted in 3 parts. The submission dates and required parts to be completed for each submission are:
	Submission 1 - due Monday September 10 before 5pm - You must submit your completed July Journal entries, the Worksheet complete through the Trial Balance, and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point deduction
	Submission 2 - due Monday September 17 before 5pm - You must submit your completed Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns, and the Worksheet formulas tabs completed . Your file must be named correctly - "Your name (first and last) Project 1 part 2. Failure to name your file correctly will result in a 1 point deduction
	Submission 3 - due Monday September 24 before 5pm - You must submit your completed Closing entries, the financial statements completed, and the financial statements formulas tab completed. Your file must be named correctly - "Your name (first and last) Project 1 part 3. Failure to name your file correctly will result in a 1 point deduction
	YOU MUST USE FORMULAS TO BE CONSIDERED FOR FULL CREDIT ON THE PROJECTS
	PROJECT INFORMATION
	You have been hired as an accountant for KTZFIG Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on July 1, 2018. The company will have a fiscal year end of June 30. The initial formation transactions and early purchases for KTZFIG Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab)
	During July, the first month of operations, the following transactions occurred:
Date	Event
1-Jul	Borrowed 25,000 from the bank for operating cash. The note has a 6% interest rate (simple interest) and is to be paid back in 5 years
3-Jul	Purchased office furniture for $9,865.
4-Jul	Paid $13,800 for 12 months rent on office space
8-Jul	Received $11,400 from SBoard Inc. for work to be performed over the next 12 months.
10-Jul	Paid $1,275 for utilities.
14-Jul	Paid $8,975 for purchases of supplies previously made on account.
15-Jul	Performed services for various customers for $12,750 cash and another $15,780 on account.
26-Jul	Collected $11,680 as payment for amounts previously billed.
28-Jul	Purchased $10,660 of additional office supplies on account.
29-Jul	Paid salaries to employees totaling $3,850 for 1 week.
31-Jul	Dividends of $1,000 were declared and paid.
	At the end of July, the following additional information is available to help determine what adjustments are needed:
31-Jul	Additional work for customers of $5,980 has been performed during the last week of July but not yet billed
31-Jul	One month of interest has accrued on the note payable for the bank loan.
31-Jul	Supplies on hand are $4,785.
31-Jul	One month of the prepaid rent has been used up
31-Jul	One month of the services for SBoard Inc. has been performed (see above).
31-Jul	Salaries of $3,850 are paid every Friday (for a 5 day work week). July 30, 2018 was a Tuesday.
31-Jul	Depreciation expense for the computer equipment is $140 and for the office furniture is $120